Passive income plays an undeniably important role in creating financial freedom. While syndication is a great way to earn this type of revenue, it can be inaccessible due to its capital-intensive nature. Being a landlord presents a fantastic opportunity for those unable to be a part of syndications who still want to invest in real estate. However, ‘landlording’ can be far from passive if the right systems and processes are not in place. One company, Avail, looks to take the stress out of being a DIY landlord, and its co-founder, Laurence Jankelow, joins us to share insights into the company.
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In this episode, we hear how Laurence’s own experience as a landlord inspired him to create Avail. He shares the multiple sacrifices he made to make this possible, including quitting his job and scaling down his expenses. Laurence and his partner Ryan even had to teach themselves how to code because they could not afford a developer. We also learn more about Avail and how it helps landlords with systemization. One of the most important things as a landlord is being consistent, as Laurence highlights, and Avail goes a long way in enabling this. Along with this, we delve into the COVID related trends Avail has gleaned from their database of over 600 000 landlords, and some of them are pretty surprising. If you are an overwhelmed landlord and feel as though you could benefit from streamlining your processes, this is the show for you!
Key Points From This Episode:
- Learn about Laurence’s background and his experience of being a DIY landlord.
- The challenge that Avail faces marketing to property owners who don’t identify as landlords.
- Hear the brave decision Laurence and his partner made that allowed them to create Avail.
- How Laurence had the confidence to quit his job so abruptly and how he made money after.
- The importance of aiming for financial independence and tips on creating passive income.
- Why it’s crucial to have systems and processes if you have numerous rental properties.
- Some of the services that Avail provides its landlord customers.
- As a landlord, it’s vital to be consistent with every one of your applicants.
- Why Laurence encourages first-time landlords to go at it alone rather than hiring a property manager.
- Data insights that Avail gained around how landlords are dealing with COVID.
- Hear Laurence’s cautious predictions for August in terms of expected rents.
- Tips on creating the best team, and why startups have to be especially patient.
- Some of the challenges Avail gets job applicants to complete.
- How Laurence likes to give back and the best way to contact him.
[bctt tweet=”Every business can be improved by adding more people to it and there is always a way to add people in an affordable way. — @jankelow” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Laurence Jankelow
Laurence Jankelow and his family immigrated to the United States when he was 10 years old from Johannesburg, South Africa. Prior to launching Avail, Laurence spent seven years in data analytics first as a consultant at Protiviti Chicago and then at Goldman Sachs. Laurence has a hardworking spirit and together with his co-founder, Ryan Coon, they developed the idea for their company on a napkin that now solves the needs of thousands of landlords and renters. They’re creating a better rental experience for landlords and tenants. They do this by providing the tools landlords need to make renting as easy as possible, including listing properties, rental applications, creating and signing digital lease agreements, collecting rent, and managing maintenance tickets—all online. This solves the problems landlords have, enhances the experience for tenants, and improves the lives of both. Laurence is also a long-term real estate investor with a focus on 3-unit multi-family properties. Laurence is passionate about Avail because he is not only a founder but also a user of Avail to manage his 6 rental units daily. He communicates with his tenants and collects rent and relies on Avail to make his landlord life simpler so he can spend more time on the weekends with his family. Laurence believes there will be a crossover of smart home technology, landlording technology, and communications technology that will allow more people to easily be landlords. The shift will democratize landlording, allowing more people access to passive income streams than ever before and also making renting more transparent, fair, and safe for tenants.
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